1. The market has performed well for the past 3 years. Given that there have been many false starts for Japan over the last 30 years, what makes this time different?
Corporate governance/changes in the corporate landscape/ shareholder activism are three factors, now well established, that should contribute to a fundamental change in market dynamics.
2. Would it not be easier to buy an ETF?
The industry consolidation we are witnessing is creating benefits outside ETFs.
3. How do you see the Yen evolving and how will it impact the equity market?
I do not see real change in yen. If it becomes stronger, it will attract more foreign capital.
4. What is the perspective for interest rates and monetary policy?
There should not be further major changes now that the yield curve control (YCC) has been removed.
5. What is the participation of Japanese investors to the rally?
Retail investors are slow to engage and are still buying overseas markets.